Two years ago, the Jumpstart Our Business Startups (JOBS) Act became law. Title I of the JOBS Act significantly changed the IPO playbook, creating a new category of issuer called an emerging growth company (EGC) and rewriting the rules for EGC IPOs. In the second year after the JOBS Act became law, 85% of issuers that priced a US IPO identified themselves as EGCs, up from 75% in the first year.

Building on our first-anniversary JOBS Act report on initial trends observed and lessons learned, we have again conducted a detailed analysis of EGC IPOs, this time taking a close look at 236 EGCs that priced a US IPO in year two.

The information and analysis we present is based on our review of SEC filings, SEC commentary on the JOBS Act and our experience as either issuer’s or underwriters’ counsel in more EGC IPOs than any other law firm. Here is what we have learned from two years of survey data.